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The arrested have been identified as Kalander Sharief alias Shafi from Bantwal and Hasanabba, a resident of Manjanady in Mangaluru taluk, police sources said.
The two had called the entrepreneur up from Puttur demanding Rs 13 lakh to release their associate who is lodged in jail. They used different mobile numbers to make the call and threatened the businessman of dire consequences if he did not pay the money, the sources said.